IT major Tech Mahindra has launched first of its kind ‘Tap N Pay’ contactless digital payment wallet MoboMoney for the Indian masses.
Tech Mahindra, which received a payment bank licence from RBI earlier this year, aims to get about 1 million merchants including kirana shop owners on board.
What is MoboMoney?
- MoboMoney is a prepaid wallet issued in the form of a Near Field Communication (NFC) contactless tag that could be used to ‘Tap N Pay’ for goods and services.
- Customers without an NFC-enabled phone also can enjoy this facility to purchase goods.
- This facility would be available on a network of NFC enabled merchant point of sale (POS) machines.
- The money loaded to make over the counter payments, recharges, bill payments, as well as online purchases. Consumers can load their wallet by paying cash at the merchants as well as using their credit/debit cards and Internet banking.
- It can be used to ‘Tap n Pay’ on a network of NFC-enabled merchant point-of-sale device.
Points to Note
- The total cost of storing, transporting and processing cash is about Rs 22,000 crore annually.
- The company has run a pilot in Delhi-NCR comprising over 500 merchants.
- Tech Mahindra has partnered with banks like Kotak and ICICI for the service.
- In the last few months, a number of companies have launched their mobile wallets including Alibaba-backed Paytm (that claims to have over 100 million users) and Mobikwik (25 million users).